EmailThe tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing relative strength in the tech space for the second straight day with the Philly Semi Index trading 2.1% higher. WFR (+5.6%) is again a notable leader in that index. Among other major indices, the S&P 500 is trading 0.5% higher, while the NASDAQ is trading 1.0% higher. The QQQ, meanwhile, is trading 1.1% higher. Among tech bellwethers, CSCO (+4.1%) is again showing notable strength.
In earnings, APKT (-12.0%) issued downside guidance. Also, GPN (+3.3%) posted a better-than-expected Q1 and upside FY12 guidance.
In news, it was reported that YHOO (+2.4%) is expected to send out financial info to potential suitors. Also, Marlin Capital Investments expressed a desire to acquire BVSN (+10.2%) in 13D filing.
It's a busy day for the rumor mill in the tech space. There's renewed RIMM (+11.9%) and, separately, TIBX (+4.5%), takeover chatter making the rounds. Also, ARMH (-0.3%) was some strength on rumors that INTC (+2.5%) was interested in buying the company. Finally, there is a report out suggesting a potential takeover of AKAM (+5.4%).
Among notable analyst upgrades this morning, CBEY (+5.2%) was upgraded at Citigroup and Wedbush upgraded APKT (-12.0%) to Outperform. In downgrades, Stifel Nicolaus downgrades GOOG (-1.5%) to Hold, COMV (-4.9%) was downgraded to Neutral at Robert W. Baird, MXL (-7.5%) was downgraded to Equal Weight at Morgan Stanley and AMD (+0.9%) was downgraded to Market Perform at Bernstein. No notable names in tech are set to report results today after the close.
